UBT vs. UST
UBT (ProShares Ultra 20+ Year Treasury) and UST (ProShares Ultra 7-10 Year Treasury) are both Leveraged Bonds funds from ProShares - UBT tracks the ICE U.S. Treasury 20+ Year Bond Index (200% Daily) while UST tracks the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, UBT returned -9.58%/yr vs -2.53%/yr for UST. Their correlation of 0.89 means they have usually moved in the same direction. Both charge a 0.95% expense ratio.
Performance
UBT vs. UST - Performance Comparison
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Returns By Period
In the year-to-date period, UBT achieves a -9.14% return, which is significantly lower than UST's -4.75% return. Over the past 10 years, UBT has underperformed UST with an annualized return of -9.58%, while UST has yielded a comparatively higher -2.53% annualized return.
UBT
- 1D
- 0.81%
- 1M
- -7.64%
- 6M
- -8.31%
- YTD
- -9.14%
- 1Y
- -9.25%
- 3Y*
- -9.00%
- 5Y*
- -21.58%
- 10Y*
- -9.58%
- ALL TIME*
- 0.30%
UST
- 1D
- 0.56%
- 1M
- -2.55%
- 6M
- -3.81%
- YTD
- -4.75%
- 1Y
- -2.66%
- 3Y*
- 0.46%
- 5Y*
- -8.21%
- 10Y*
- -2.53%
- ALL TIME*
- 2.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $607.37K | $624.24K | $851.60K | |
| $493.89K | $437.03K | $327.72K |
UBT vs. UST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -9.14% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
UST ProShares Ultra 7-10 Year Treasury | -4.75% | 10.26% | -6.19% | 0.16% | -30.19% | -7.81% | 18.83% | 13.34% | -1.09% | 3.21% |
Correlation
The correlation between UBT and UST is 0.87, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.87 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2010 | 0.89 |
The correlation between UBT and UST has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.
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Return for Risk
UBT vs. UST — Risk / Return Rank
UBT
UST
UBT vs. UST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and ProShares Ultra 7-10 Year Treasury (UST). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| UBT | UST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.96 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | -0.30 | -0.21 |
| Martin ratioReturn relative to average drawdown | -1.08 | -0.66 | -0.43 |
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Drawdowns
UBT vs. UST - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, which is greater than UST's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for UBT and UST.
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Drawdown Indicators
| UBT | UST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -47.99% | -30.91% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -8.86% | -9.39% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -14.85% | -16.33% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -43.53% | -28.96% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -47.99% | -30.91% |
Current DrawdownCurrent decline from peak | -78.21% | -39.52% | -38.69% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -15.35% | -17.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 4.07% | +4.51% |
Volatility
UBT vs. UST - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.23% compared to ProShares Ultra 7-10 Year Treasury (UST) at 2.65%. This indicates that UBT's price experiences larger fluctuations and is considered to be riskier than UST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UBT | UST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 2.65% | +2.58% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 7.24% | +6.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 9.01% | +9.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 15.45% | +15.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 13.15% | +16.03% |
UBT vs. UST - Expense Ratio Comparison
Both UBT and UST have an expense ratio of 0.95%.
Dividends
UBT vs. UST - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, more than UST's 3.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | 3.77% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
UST ProShares Ultra 7-10 Year Treasury | 3.63% | 3.65% | 4.09% | 3.49% | 0.47% | 0.27% | 0.53% | 1.42% | 1.71% | 0.84% | 0.64% | 0.75% |
Frequently Asked Questions
UBT and UST have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBT has higher volatility (5.23%) compared to UST (2.65%). In terms of maximum drawdown, UBT dropped -78.90% vs UST's -47.99%.
On 10-year performance, UST leads with -2.53% vs -9.58% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, UST has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UST has performed better with a -2.53% return vs -9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBT and UST have the same expense ratio: 0.95% per year.
UBT has the higher dividend yield at 3.77%, compared with 3.63% for UST.
UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while UST tracks ICE U.S. Treasury 7-10 Year Bond Index.
UST currently has the higher Sharpe Ratio (-0.30 vs -0.51), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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